Bringing KYC Standards to KYB Banking

Defining the Problem

The user experience for commercial account opening required manual completion of forms followed by an in-person visit or video call.

As part of its digital transformation efforts, an EU bank realized that their manual account opening process for a current account failed to deliver a digital-first experience for commercial clients driving potential clients to other banks.

Prior to Detected

Prior to Detected, applicants for commercial bank accounts completed an online form followed by a physical visit to a branch.

To initiate an application, businesses were required to fill out an online form, providing details around business structure, registration details, key representatives, and ownership structures.

After completing the form, an owner or director was required to visit a branch as a means to further verify submitted information and conduct identity verification.

Impact of the Problem

The manual process of onboarding new accounts added unnecessary friction.

• The average time to open a new account was over two weeks.
• Less than 10% of visitors on the current account landing page actually submitted an application due the vast amount of manually entered information required from the business.
• Out of submitted applications, only 30% of applicants did not schedule (or show up for) an in-person visit to fully open the account.

New Processes with Detected

Using a single link, the bank can now gather all required information and comply with KYC regulations to automate account opening.

Using Detected's KYB Dashboard, the bank has configured requirements by jurisdictional risk to ensure that each applicant encounters a seamless onboarding flow. Instead of manually entering 40+ data points, the applicant can now enter 3 data points (country, city, business name) to begin their account opening journey.

By leveraging Detected's global data sources the bank can automatically pull in required information on the business structure, registration details, and UBOs. In combination with the Onboarding Portal, any missing details are simply provided by the applicant in a fully branded UI.

Finally, KYC and AML requirements are now handled in the Onboarding Portal as part of the application process. The result: a fully automated, digital account opening process.